When the Main Purpose of the Promisor's Promise to Pay

question 6

True/False

When the main purpose of the promisor's promise to pay the debt of another is to benefit the promisor,the statute of frauds is not applicable,and the oral promise to pay the debt is binding.

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Definitions:

Supermarket Strategies

Marketing and operational tactics employed by supermarkets to attract customers, enhance shopping experiences, and increase sales.

Systematic Error

A consistent, predictable error present in the results of measurements or observations, caused by factors that do not change over time.

Neoclassical Economics

An economic theory that focuses on how individuals' rational behavior and efficient markets lead to an allocation of resources that maximizes utility and profit.